<\/p>\n\n\n\n
Oil prices gained ground on Monday after the OPEC+ alliance confirmed a smaller-than-expected production increase<\/strong> for November, easing fears of an aggressive supply expansion while a sluggish demand outlook continues to cap upside momentum.<\/p>\n\n\n\n By 11:07 GMT<\/strong>, Brent crude futures<\/strong> climbed $0.89, or 1.4%<\/strong>, to $65.42 per barrel<\/strong>, while U.S. West Texas Intermediate (WTI)<\/strong> rose $0.84, or 1.4%<\/strong>, to $61.72<\/strong>.<\/p>\n\n\n\n At its weekend meeting, OPEC and its allies, including Russia<\/strong>, agreed to raise output by 137,000 barrels per day (bpd)<\/strong> in November \u2014 matching October\u2019s increase<\/strong>. The decision calmed markets that had braced for a much steeper rise amid Saudi Arabia\u2019s push to regain market share.<\/p>\n\n\n\n While Russia<\/strong> reportedly advocated for the 137,000 bpd addition to avoid pressuring prices, Saudi Arabia<\/strong> had initially proposed doubling or tripling that figure. The compromise was viewed as a relief for traders fearing oversupply in an already fragile market.<\/p>\n\n\n\n However, analysts noted that the production increase still adds to a growing global surplus, amplified by higher Venezuelan exports<\/strong>, the resumption of Kurdish crude flows via Turkey<\/strong>, and unsold Middle Eastern barrels<\/strong> available for November loading.<\/p>\n\n\n\n Saudi Aramco<\/strong> maintained its official selling price (OSP)<\/strong> for Arab Light crude<\/strong> to Asia, defying expectations for a modest hike. Refining sources told Reuters that weak Middle Eastern crude demand and rising regional supply had eroded premiums to a 22-month low<\/strong> last week.<\/p>\n\n\n\n Despite U.S. pressure on India to curb Russian oil imports, an Indian government official said Monday that ample Russian crude supply<\/strong> remains available to refiners. Increased availability\u2014partly due to Ukrainian attacks on Russian energy facilities\u2014has paradoxically helped stabilize market flows.<\/p>\n\n\n\n Seasonal refinery maintenance in the Middle East<\/strong> could lend some near-term price support by temporarily reducing crude demand, analysts said. However, the fourth quarter demand outlook<\/strong> remains soft, limiting the scope for sustained price recovery.<\/p>\n\n\n\n Recent data from the U.S. Energy Information Administration (EIA)<\/strong> reinforced concerns of weakening consumption, showing larger-than-expected builds<\/strong> across crude, gasoline, and distillate inventories for the week ending September 26<\/strong>. Crude stocks rose by 1.8 million barrels<\/strong>, gasoline by 300,000 barrels<\/strong>, and distillates by 600,000 barrels<\/strong>, suggesting weaker refining activity and demand.<\/p>\n","protected":false},"excerpt":{"rendered":" Oil prices gained ground on Monday after the OPEC+ alliance confirmed a smaller-than-expected production increase for November, easing fears of an aggressive supply expansion while a sluggish demand outlook continues to cap upside momentum. By 11:07 GMT, Brent crude futures climbed $0.89, or 1.4%, to $65.42 per barrel, while U.S. West Texas Intermediate (WTI) rose …<\/p>\n","protected":false},"author":9,"featured_media":53340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[],"class_list":["post-119598","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/119598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=119598"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/119598\/revisions"}],"predecessor-version":[{"id":119599,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/119598\/revisions\/119599"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53340"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=119598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=119598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=119598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}OPEC+ Output Hike Smaller Than Feared<\/h4>\n\n\n\n
Saudi Arabia Holds Asian Prices Steady<\/h4>\n\n\n\n
Russia-India Trade Adds Market Support<\/h4>\n\n\n\n
Refinery Maintenance and Demand Outlook<\/h4>\n\n\n\n